GST accounting software

With GST being implemented from the night of 01st July 2017 there’s been lots of thoughts going in my mind in fact every businessman for the case may be that how are we going to switch to new platform, what are the decisions that need to be revisited like price revision, GST accounting software updating, GST Billing Software updating, personal training expenditure to adapt to GST environment etc.,mind in fact every businessman for the case may be that how are we going to switch to new platform, what are the decisions that need to be revisited like price revision, GST accounting software updating, GST Billing Software updating, personal training expenditure to adapt to GST environment etc.,

Collecting our expectations requires that we collect enterprise data and analyse whether our requirement is limited up to preparing of POS invoice or we need reporting angles also covered like Finance, Accounting & Statutory reporting aspects. But one might ask that these were already covered by the software companies before arrival of GST. What are the new reporting handle that needs to be added to existing accounting software’s. Even here we need not worry because there’s huge market for GST ready software easily available. The best way is to compare and choose the product. In this article, I have tried to culminate and compare the products of different companies. But let’s first take care of 2nd dimension first which is visualizing. Once we know our requirement next step is to start visualizing the product and seek where it fits in our business environment. from the lot.

We still don’t know as which of the Accounting Software companies are or have already had the visualization of software which would package all the scenarios of GST Model right from passing of accounting entries till reporting of documents required under GST Law or even preparation of GST Returns as well. Let’s understand from an accountant’s perspective… with an example. Here I have taken Tally 9 Version to understand how these GST entries would look like on passing and how would they appear on the screen since Tally is the best source for even a Nonaccountant to understand and learn to make entries.

Suppose Goods worth Rs. 20,000/- are sold by manufacturer A in Gujarat to Dealer B in Gujarat. Dealer B resells them to Trader C in Maharashtra for 27,500/-. Trader C finally sells to end user D in Maharashtra for Rs. 40,000/-

Suppose that CGST = 9%, SGST = 9%. Therefore IGST = 18 %

Manufacturer A Selling goods to Dealer B in Gujarat itself, it is an intra – Sale (falling under the first limb of Dual GST Structure discussed. So both CGST @ 9% and SGST @ 9 % will apply.

Let’s understand this by passing entries in books of Manufacturer A

Gateway of Tally

Sales

Party s A/c Name: Dealer B :

Transacting States: From Gujarat To Gujarat

GST/ Tax Class : SGST @9% : SGST @9% : SGST @9%

: CGST @ 9%

Name of Item Qty Rate per Amount

X item 1 20,000 20,000

SGST @ 9% 1,800

CGST @ 9% 1,800

1 23,600

Current Liabilities

Duties & Taxes

(Note: This entry will automatically stand passed in Tally books and can be viewed in Statutory Report Segment as something like this.)

Closing Balance

Debit Credit

SGST @ 9 % 1,800

CGST @ 9 % 1,800

Bank (To State Gujarat) 1,800

Bank (To Centre) 1,800

With this ease in passing accounting entries and demos and training facilities provided by these software companies I think the Visualization part is well taken care of as service is the campaign motto of companies like Tally, Reach Accountant, Gensat etc., because they just not only want to push their product alone in the market instead they want their users to get well versed with GST by providing services at their door steps and get appreciation for the product they are offering.service is the campaign motto of companies like Tally, Reach Accountant, Gensat etc., because they just not only want to push their product alone in the market instead they want their users to get well versed with GST by providing services at their door steps and get appreciation for the product they are offering.

The next and last dimension is to seek what we visualized. Even here the Software companies have packaged and bundled all the features and services for us. These companies are not just providing the ready product on sale, but also providing their users the demos of the working GST software for its users to compare and enable decision making about the best GST software in the market.

Let’s see what they are offering by making comparability Statement.(Source: Google)

• Cloud-Based and works online making it easier to work from anywhere anytime.

• Since it's cloud-based, server maintenance cost is a Cost cut to the company

• Ideal for multi-branch and provides free Version Upgrades at Low Price.

Pricing:

Single User – Starts Rs. 6,000/-

Unlimited User – Starts Rs. 18,000/-

Annual Renewals – 20%

Limitations

• Needs the Internet to operate.

• Mainly a POS Centric Software limits itself to Invoicing and leaving the Reporting angles on loose ends u, like tally which has it wholly covered with its timely reports. That’s why the pricing of this software has been kept low compared to Tally and Other Products in this segment..limiting itself to Invoicing and leaving the Reporting angles on the loose end sends, unlike tally, which has it wholly covered with its timely reports. That’s why the pricing of this software has been kept low compared to Tally and Other Products in this segment.limiting itself to Invoicing and leaving the Reporting angles on loose ends, unlike tally which has it wholly covered with its timely reports. That’s why the pricing of this software has been kept low compared to Tally and Other Products in this segment..limiting itself to Invoicing and leaving the Reporting angles on loose ends unlike tally which has it wholly covered with its timely reports. That’s why the pricing of this software has been kept low compared to Tally and Other Products in this segment.

• Helps in preparing of CARO and also takes care of other Audit requirements.

How is it different from Other Softwares?

• Simplicity, easy to learn.

• No Complex set of modules unlike other entrants in the market.

• Reporting is far too easier and effective.

Pricing:

• Single User – Starts Rs. 21,780/-

• Multi User – Starts Rs. 65,340/-

• Annual Renewals – 25%

Limitations

Only a limitation we can find in Tally is that it needs LAN to operate multi user. Data is not real-time as it’s not cloud based.

3. Quick Books-

Features Offered:

• Helpful in Preparing Payrolls, Bookkeeping, and filing tax.

• Mobile app and support.

• Cloud based.

How is it different from Other Softwares?

• Cloud based - Cost Cutting for the company by avoiding expenses on maintenance of servers.

• Free Version Upgrades.

• Economical.

Pricing:

• Rs. 5,000/- per year.

• Annual renewal 100%

Limitations:

• Needs the internet to operate.

• Doesn’t allow more than 7 users/account

• No Inventory Management.

• Rigid to Customize.

4. GEN –GSTA-

Features Offered:

• Payroll Management.

• GST Preparation and filing.

• Doesn’t need the internet to operate.

How is it different from Other Softwares?

A blanket app which can be used for filing returns after extracting data from any accounting software.

Pricing:

• Rs. 7,000/-Per year.

Limitations:

• Not purely accounting software.

• No business features.

• It’s just a disjointed tax preparation tool.

• It could serve the purpose of the GST Tax Software

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